As part of its ‘Abenomics’ strategy, the Japanese government is planning to allow highly skilled foreigners to stay in the country for up to 8 years. When this takes effect, Japanese companies would be able to apply for permission to invite skilled workers to Japan, particularly if they are global…
What does TPP mean to entrepreneurs? What does it even stand for? TPP stands for ‘Trans-Pacific-Partnership’, which refers to the alliance of various countries under a treaty—much like the European Union. Many entrepreneurs find it difficult to spot opportunities because of the large-scale global changes that go beyond their imagination.…
You may be able to deduct client entertainment costs from your company’s taxable income if you meet certain criteria. In Japan, it is common to see drunk ‘salarymen’ (business workers) slouched over the restaurant table with their work-tie tied around their forehead. Surprisingly, gatherings like these are actually classed as…
Having a unique business concept and good funding certainly makes running a business easier. However, these may not even be that important if you are gifted with a wealth of skills. As long as you can provide a better service at cheaper price, that may be enough to make you…
The biggest ethnic minority population in Japan until 2007 was Korean, with many of them being naturalised Japanese citizens. The most famous companies owned by Korean/Korean Japanese are: Lotte (Food manufacturing) and MK Taxi (Transportation). Currently, the biggest ethnic minority population in Japan is Chinese. Yokohama’s China Town is apparently…
An interview with Chris Kirkland, co-founder of Tokyo Cheapo – ‘the ultimate guide to Tokyo’ – https://tokyocheapo.com. We have some inspiring success stories of non-Japanese businesses and want to share their experiences with you. Tokyo Cheapo is a guide to Tokyo, covering everything from where to get your hair cut…
There are two elements to a business’s finances: the start-up fund (i.e. capital) and purpose (profit). If you are starting up a shop on the street, you will need to have enough start-up capital to cover both the deposit for the commercial lease and to be able to pay staff.…
As accounting standards in the world is converging, Japanese generally accepted accounting principles (GAAP) are in the direction of harmonising with the other OECD countries, especially with IFRS. Japanese GAAP is written more prescribed by rules and the main difference is about fair value accounting, where the IFRS requires most…
After mastering the basic skills of using mathematical functions and functionalities of worksheets, the following functions are useful to know:- Round: Use =round(Cell number, 2) as GBP and USD has pence and cent units and =round(Cell Number,0) as JPY does not have the sub-category. Use =round(cell number,-2) When you would…
The UK-based Legatum Institute ranked Japan as the 22nd most prosperous country in the world in 2015. The most prosperous country according to their report is Sweden, followed by Denmark in 2nd and Switzerland in 3rd. The UK is ranked 6th, the USA is 11th, Canada 15th, Germany 17th, France…
Japanese Slang / Youth Talk Japanese Slang English Standard Japanese Comments Bari Very Much Sugoku Probably comes from the immitative of sound of thunder or exhaust of a car – “Bari Bari” Emoi Touching Gutto Kuru Coming from English word Emotional then combined with Japanese aesthetics of Wabi Sabi, “my…
Our tips: English Japanese Memo Accelerated Depreciation 一括償却 The tax treatment to receive the lump sum deduction rather than the gradual one. Basic Deduction 基礎控除 The personal allowance works as the deduction from taxable income, if the income is less than 24 mil yen then 0.48 mil yen . Corporation…
The cynical may say there is nothing new under the sun, that anybody can have good business ideas, or that there are more important things to a business such as creating a sustainable system, getting funds or developing skills. Regardless of what they say, good ideas can open up doors,…
It is difficult for foreigners who is not a resident in Japan to open a corporate bank account as many Japanese banks require at least 6 months of residency or having a residency register (Jyuminhyo). It is recommended to have a Japanese resident to become an initial minority shareholder or…
Everything you need to know to start your business